People familiar with the numerous setbacks that keep befalling the acquisition of the shuttered Revel Casino say that the saga with its sale is going to continue longer than it was open.
It seems like these predictions might come true as it became clear that the investors that are believed to have keen interest in acquiring Revel – the Florida developer Glenn Straub and California investor Izek Shomof will have to face serious competition related to the casino purchase.
According to the latest information, two prominent real estate executives based in New York and New Jersey, respectively, are believed to work in collaboration and submit a bid for Revel’s bankruptcy.
The situation is getting more and more complicated as the bid, Howard Milstein and Carl Goldberg are going to submit is believed to be much higher than the $82 million proposed by Glenn Straub.
Meanwhile, Mr. Straub is expected to renew the battle for acquiring the shuttered casino and seek court approval within two weeks.
Goldberg and Milstein have been working together for quite some time and completed significant projects. Now, they teamed up in order to acquire Revel and people with knowledge on the matter believe that they are going to submit their bid no later than Monday. However, both of them were reluctant to announce what their next move will be.
If Revel is eventually sold and its new owners turn it into a functional casino, hotel or a mixed-use property, the revenue generated would be extremely helpful as the economy of Atlantic City is really problematic. The increased competition from the neighboring states also had a negative impact on the local gambling industry and even the reputation of Atlantic City as the most appealing gambling hub on the East Coast could not help keeping players within the casino venues.
As for Revel Casino, it was open two years only. Its construction cost $2.4 billion and it turned out that the latest casino in Atlantic City was among the first to close. And to make matters worse, the luxurious property might be sold literary for pennies.
Glenn Straub was believed to be the sole investor interested in acquiring Revel but issues with the current tenants of Revel raised and as a result, the acquisition was postponed. Judge Gloria Burns is expected to announce her final say next week and the sale to be completed no later than March 31, although the tenants requested the deadline to be extended until the first week of April.
